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September 28, 2022
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Business Featured

EV truck manufacturer Rivian raises nearly $12 billion in massive IPO

Published by
Chicago Tribune

Rivian, the startup electric truck manufacturer, rolled out one of the biggest initial public offerings in years Wednesday, raising nearly $12 billion and valuing the company at more than $77 billion. The EV automaker, which launched production of its R1T pickup truck in September, is now worth nearly as much as Ford and General Motors. Investors may have their sights set even higher, hoping Rivian will become the Tesla of trucks, which has a market cap north of $1 trillion. “I think what’s happened from a valuation perspective, electric vehicle stocks are being more and more treated like disr…

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